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The Academy Awards will begin broadcasting solely on YouTube in the year 2029, representing the most recent significant change in the film industry.

The Academy of Motion Picture Arts and Sciences made the announcement on Wednesday, confirming that it finalized a long-term agreement giving YouTube the sole worldwide broadcasting rights to the Oscars through 2033.

The Oscars, scheduled for 15 March, has aired for 50 years on ABC. Starting in 2029, the event will be viewable as a free live stream on the digital platform.

This is one more major restructuring in Hollywood, which is grappling with studio sales and mergers, in addition to steep production cuts.

"Our Academy represents an worldwide body, and this alliance will allow us to increase availability to the work of the Academy to the biggest global viewership possible - which will be positive for our membership and the cinematic world," stated organization heads in a release.

Over decades, ratings of the ceremony have fallen, even if there was a small rise in recent years, with a notable portion of youthful audiences watching from cell phones and computers.

In a related comment, the head of YouTube described the Oscars "one of our vital cultural institutions" and added that partnering with the Academy would "motivate a younger cohort of artistic expression and film lovers while remaining faithful to the Oscars' illustrious heritage".

ABC, which has aired the ceremony since 1976, commented that it was looking forward "to the upcoming broadcasts" it will still host.

This shift comes as film industry giants deal with complex corporate battles. Both options were viewed as concerning for an industry that has seen drastic cuts over the past several years.

Like big production houses, cable networks have struggled as the public has chosen on-demand video instead.

YouTube winning the license to the Academy Awards strongly indicates that reliance on streaming sites will carry on increasing.